Scroll through to see what you might have missed this week in banking, payments, fintech and more.
Boston-based custody giant State Street benefitted from rising interest rates, which helped offset choppy financial markets and a decline in fee income.
The Wall Street Journal reported the Fed is investigating Goldman Sachs’ Marcus division, the company’s effort to reach U.S. consumers that has been scaled back. The New York bank’s stock fell 2.5% after the news.
The Birmingham, Alabama, bank expects up to $5 billion in additional deposit declines in the first half of 2023 but is hopeful for potential growth in funding later this year.
The parent company of Silicon Valley Bank, which has been mired in deposit challenges, expects little near-term change in the deployment of venture capital dollars, which executives say will keep putting pressure on SVB’s balance sheet.
More consumers are struggling to pay their auto loans from Detroit-based Ally, but CEO Jeffrey Brown says executives “feel very good” about their preparations for a downturn. Investors appeared to like his message as its stock jumped 19%.
Speaking at an event hosted by the Council on Foreign Relations, Federal Reserve Gov. Christopher Waller said the Federal Reserve has a long runway for its balance sheet reduction.
Brown has helped the online bank weather the pandemic. His next challenge: a looming economic downturn
